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Sensex Rises Over 350 Points, Nifty Near 11,000; Financial Stocks Jump Led By HDFC Bank

Gains in banking, financial services and IT stocks pushed the markets higher

Domestic stock markets started the week on a positive note despite a cautious trend in Asian equities on rising COVID-19 cases globally. The S&P BSE Sensex index climbed up as much as 1.05 per cent – or 390.34 points – to touch 37,410.48 in the first few minutes of trade, having started the session up 388.89 points – or 1.05 per cent – at 37,409.03. The broader NSE Nifty 50 benchmark added 102.95 points to 11,004.35 at the strongest level in early deals, after opening on a positive note at 10,999.45 compared to its previous close of 10,901.70. Gains in banking, financial services and IT stocks pushed the markets higher.

At 9:24 am, the Sensex traded 328.77 points – or 0.89 per cent – higher at 37,348.91, while the Nifty was up 89.20 points – or 0.82 per cent – at 10,990.90. 

HDFC Bank shares rose as much as 3.90 per cent to Rs 1,142 apiece on the BSE, after the country’s largest lender by market capitalisation posted a 20 per cent rise in net profit for the April-June period driven by higher interest income and lower costs.

Analysts awaited more large cap companies to report their financial results for the quarter ended June 30. Axis Bank, Bajaj Finance, Hindustan Unilever, Bajaj Auto, Larsen & Toubro and ICICI Bank will report their earnings this week.

Share markets elsewhere in Asia were mixed amid soft oil prices, as a spike in global coronavirus cases hung over markets awaiting efforts from the euro zone and the US to stitch together fiscal stimulus plans to fight the pandemic.

MSCI’s broadest index of Asia-Pacific shares outside Japan fluctuated between gains and losses, and was last seen trading 0.16 per cent higher, while Japan’s Nikkei 225 benchmark was down 0.35 per cent. 

China’s Shanghai Composite and South Korea’s KOSPI indices were up 2.33 per cent and down 0.31 per cent respectively, while Hong Kong’s Hang Seng was flat.

The E-Mini S&P 500 futures were down 0.33 per cent, indicating a negative start for US markets on Monday. 

On Friday, the Sensex had ended 548.46 points – or 1.50 per cent – higher at 37,020.14, and the Nifty settled at 10,901.70, up 161.75 points – or 1.51 per cent – from its previous close, registering a fifth straight weekly gain. 

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